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Twin Cities Price Growth Stabilizes to Match Historic Norms

February 16, 2023 by Mighty Agent

  • Median sales price of Twin Cities homes rose 2.7 percent to just under $342,000
  • Buyer activity down 19.3 percent with 2,560 pending sales
  • Sellers listed 10.6 percent fewer homes compared to last January

(February 15, 2022) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, the median sales price across the Twin Cities grew 2.7 percent to $341,995. The metro is returning to historic trends for median home price growth.

Inventory & Home Prices

The Twin Cities’ median home price grew 2.7 percent despite 19.3 percent fewer signed contracts. After about three straight years of roughly 10.0 percent year-over-year price growth, this modest increase is more aligned with the historical average of 3.2 percent across the region. While price growth is slowing, it remained positive throughout 2022 and this year is expected to continue that trend of moderating growth, barring any unforeseen circumstances.

“Anyone concerned about runaway home prices should be comforted by the more typical price growth we’re seeing, which gives buyers a chance to catch their breath and incomes a chance to catch up,” said Brianne Lawrence, President of the Saint Paul Area Association of REALTORS®. “While the Twin Cities remains a seller’s market, homes are taking longer to sell and sellers are accepting less than their list price.”

Softening buyer activity led to 14.5 percent more homes on the market at month-end, closing out January with 5,588 units in inventory. Yet we remain undersupplied—especially if interest rates moderate in response to inflation subsiding and demand once again soars. The metro only has 1.3 month’s supply of inventory. Typically 4-6 months of supply are needed to reach a balanced market.

Sales & Listings

As the market reacts to a series of aggressive rate hikes by the Federal Reserve in an effort to slow borrowing and cool an overheated economy, home buyer activity has also cooled. Facing higher mortgage rates and monthly payments than they would have in 2022, buyers signed 2,560 purchase agreements, 19.3 percent fewer than last year. Meanwhile 2,083 homes closed, down 32.2 percent from last year and the lowest figure since 2010. But that reflects contracts signed 30 to 60 days earlier.

“Sellers need to be priced right and may not see a dozen plus offers immediately, but most sellers are getting deals done with terms they’re comfortable with, and still more quickly than in the past,” according to Jerry Moscowitz, President of Minneapolis Area REALTORS®. “The truth is, what feels like a slow-down from light speed is actually close to how the market used to and probably should feel. You know, there’s actually a chance that listing you’ve been eyeing will be there later tonight or even tomorrow!”

There were 3,285 homes listed in January, 10.6 percent fewer listings than January 2022. Last month, half of all sellers sold homes for at or below 97.3 percent of their list price compared to 100.0 percent last year. Additionally, they accepted those offers after an average of 60 days on market compared to 41. Today’s sellers should be patient, flexible and ensure their expectations are in-line with market realities.

Location & Property Type

Market activity varies by area, price point and property type. New home sales fell 30.8 percent while existing home sales were down 31.3 percent. Single family sales fell 33.3 percent, condo sales declined 5.7 percent and townhome sales were down 32.3 percent. Sales in Minneapolis decreased 25.8 percent while Saint Paul sales fell 40.2 percent. Cities like St. Michael, Andover, and Minnetonka saw the largest sales gains while Savage, Eagan, and Brooklyn Park all had notably lower demand than last year.

January 2022 Housing Takeaways (compared to a year ago)

  • Sellers listed 3,285 properties on the market, a 10.6 percent decrease from last January
  • Buyers signed 2,560 purchase agreements, down 19.3 percent (2,083 closed sales, down 32.2 percent)
  • Inventory levels grew 14.5 percent to 5,588 units
  • Month’s Supply of Inventory rose 44.4 percent to 1.3 months (4-6 months is balanced)
  • The Median Sales Price rose 2.7 percent to $341,995
  • Days on Market rose 46.3 percent to 60 days, on average (median of 43 days, up 95.5 percent)
  • Changes in Sales activity varied by market segment
    • Single family sales decreased 33.4 percent; Condo sales were down 5.7 percent & townhouse sales fell 32.7 percent
    • Traditional sales declined 31.7 percent; foreclosure sales fell 22.6 percent; short sales fell 25.0 percent
    • Previously owned sales decreased 31.3 percent; new construction sales declined 30.8 percent


    From The Skinny Blog.

Filed Under: Listings and Pendings

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What Our Clients Are Saying

Working with the Spiczka Marketing Group to buy our first house was a great experience. Their combined expertise is more than you could ever get from a single realtor, and they are very collaborative, so you have a group of awesome people working for you! Even though we had a couple of houses not work… “Testimonial 1”

Renee S.
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The most lovely duo in real estate is this mother-daughter team. My naivety lent me to having little confidence in buying my first home, but Lyndsey and Cyndy helped guide me to a wonderful home. Later they helped our growing family sell, and got us into our current home well suited for our expanding needs.… “Testimonial 2”

Michelle S.
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You guys definitely showed you know your industry and all the little things that help differentiate one house from another in a very competitive market. Your guys are the rock stars of the realtor world in our book!

The Williams Family
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The Spiczka Marketing Group did an outstanding job of first helping us to sell our home in the depressed 2008 market. We were able to sell and receive the needed amount to finance our new home that they helped us to find and ultimately purchase. They understood our needs and wants and selected homes matching… “Testimonial 4”

Larry and Kathy Nelson
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The Spiczka Marketing Group made my buying experience easy and worry free! I have purchased two homes with them and they sold one for me too. They are always accommodating and having a team of people to help with the buying process makes scheduling showings a breeze. Anytime I need to purchase real estate in… “Testimonial 5”

Mike H.
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It was an absolute pleasure working with the Spiczka Group! Cyndy and Lyndsey were amazing in every way. I was most impressed with the promptness and flexibility they had with scheduling showings and answering all of my questions, even on short notice. I always felt like I was a priority. Their experience guided us through… “Testimonial 6”

Cami T.
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Lyndsey was wonderful to work with! She understood our needs almost immediately, and as first-time home buyers in a competitive market, she helped us to stay patient and keep a positive perspective. She was always available and quick to respond to any questions, and she also connected us with some amazing people to help with… “Testimonial 7”

Amanda & Marcus
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We truly enjoyed working with the Spiczka family during our recent home search. They were always very kind and patient when dealing with all of our questions. We quickly found that their experience sets them apart from other realtors. I believe they are in the business for the right reasons and enjoy helping people find… “Testimonial 8”

Nikki W.
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The Spiczka family was recommended to me as I began my search for my first home, and I couldn’t have been happier with my experience. I felt comfortable throughout this new process because I knew Cyndy and Lyndsey had my best interests in mind. Their level of communication went above and beyond my expectations by… “Testimonial 9”

Kristy
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The Spiczkas did a wonderful job at helping us find our home. They’re always there to help you and answer any questions you have. And not to mention we had a blast with them. I would recommend them to everyone.

Kaitlyn
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The Spiczka group was fantastic to work with. I was a first time home buyer and they took the time and explained things to me along the way and were very patient in my long search for a home. The team was able to show me houses just about anytime I wanted to see a… “Testimonial 11”

Steve
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Cyndy and Lyndsey Spiczka embody what buyers and sellers need! We have worked with them 5 different times buying and selling properties over the past 12 years and we would not work with other agents. Their market knowledge and professionalism is unprecedented as is their ability to negotiate a deal that met our needs as… “Testimonial 12”

Denice
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